Tuesday 1 June 2021
Good morning Voornaam,
For the first time, I sat down yesterday to write InceConnect. My nerves weren't helped by our beloved power utility, who rewarded me with a load shedding notice.
The pressure was on.
I want to thank Stephen Gunnion and wish him the very best for his future. For four years, he has kept InceConnect readers informed about the most important stories in the market. These are big shoes to fill and I will certainly do my best. I feel like I'm taking over The Daily Show, except Trevor Noah had the significant advantage of being far funnier than I am.
It's been 15 months or so since I started my journey as The Finance Ghost. It's become such a huge part of my life that I occasionally find myself referring to my 13-month-old son as Baby Ghost in polite company, which does attract some strange looks.
When you have a passion for the markets, it becomes difficult to drag yourself away. My goal for InceConnect is to provide you with a daily dose of the most interesting stories in the market, accompanied by the layers of analysis that help you understand what's really going on.
The focus won't just be on JSE-listed companies, although US markets were closed yesterday for Memorial Day. It's just as well, because the news flow on the JSE was relentless. I often dream of a world where JSE companies report quarterly earnings rather than every six months, but I started questioning my sanity last night.
The lead story this morning is Standard Bank's earnings. When the largest bank in Africa releases results, it's important to pay attention. At the other end of the spectrum, Adcorp and Famous Brands are trying to turn their respective businesses around and the pandemic isn't making it any easier.
Invicta is restructuring its Asian investment in a deal that seems rather sensible at first blush. Locally, the Competition Commission is throttling Cashbuild's M&A ambitions, recommending that its acquisition of The Building Company from Pepkor be prohibited.
Like I said, it was a busy day!
If you are craving an international flavour this morning, be sure to listen to Episode 27 of Magic Markets, the podcast I co-host with top macroeconomics analyst Mohammed Nalla. We welcome back Craig Antonie of AnBro Capital Investments to talk about their global tech investments and how they see the world in the wake of a brutal sell-off in recent weeks.
From a cold and rainy Cape Town - have a lovely Tuesday!
Local and Offshore Market News
Standard Bank swimming between the waves
There are critical base effects in Standard Bank's latest numbers. By isolating April 2021, what can we learn about the economic recovery? Read More
Invicta aligns with Chinese partners
Invicta is restructuring its Kian Ann investment to align with Chinese partners and unlock roughly R300m in cash to reduce offshore debt. Read More
Adcorp: no dividend as revenue drops sharply
Adcorp's profits have soared and cash collections are much higher, but the turnaround is far from over. Read More
Famous Brands' cupboard is bare
Famous Brands has experienced the worst year imaginable. Does the future look any brighter? Read More
Comp Comm says no to Pepkor's DIY project
The Competition Commission has recommended that the Pepkor - Cashbuild transaction be prohibited, a blow to both parties hoping to close a deal in this fast-growing... Read More
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CORPORATE ANNOUNCEMENT BY: Spanjaard Limited

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CORPORATE ANNOUNCEMENT BY: NORTHAM PLATINUM LIMITED

CORPORATE ANNOUNCEMENT BY: INVICTA HOLDINGS LIMITED

CORPORATE ANNOUNCEMENT BY: HUGE GROUP LIMITED

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